§ 34-41-3.03. Powers and duties in absence of managing entity. The developer has the duties imposed on the managing entity by this chapter and the powers listed in § 34-41-3.02(a)(1) - (11) until a managing entity is provided or the developer and his or her affiliates own no estate or interest in the time-share property. Thereafter, if there is no managing entity and the number of time shares in the time-share property is twelve (12) or fewer, the time-share owners have those powers subject to any provisions of the time-share instrument relating to the manner of the exercise thereof and have the responsibilities and liabilities of an association for the purposes of §§ 34-41-3.06 and 34-41-3.07. To the extent that the time-share instrument is silent with respect to the manner of exercise of any of those powers, the time-share owners may exercise them only by unanimous action.
History of Section. (P.L. 1984, ch. 141, § 2.)
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